Average Car Insurance Cost (2022) – QuoteWizard
The average annual cost of minimum auto insurance is $1,044, or $87 per month, according to a Quotewizard study of all 50 states and the District of Columbia.
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But keep in mind that multiple factors can affect your auto insurance rates. After analyzing rate data from across the country, we found that premiums can vary significantly from person to person based on age, status, driving history and more.
Reading: How much does average insurance cost
average cost of car insurance by age
One of the biggest determinants of your auto insurance premium is your age. As she gets older, her rates get cheaper, at least until she hits 70 and her premiums start to go up.
Teenagers, young adults and new drivers are much more likely to be involved in accidents compared to more experienced and middle-aged drivers. To offset this risk, insurers quote young drivers higher rates than their older counterparts.
In fact, the average 16-year-old driver received rates that were more than three times as expensive as the average 30-year-old driver, according to our data. Although it may seem like the cost of insurance A teen car loan can break your wallet, there are ways to mitigate costs, including taking advantage of discounts and bundling insurance plans with family members.
average cost of car insurance in your state
The average cost of auto insurance differs from state to state. it also differs depending on whether you get a full or minimum coverage policy.
For example, we saw that the average monthly cost of state minimum auto insurance ranged from $36 in Wyoming to $230 in New York. the national average for this type of coverage is $87 per month, according to our research.
This is what auto insurance costs in your state if you only get the minimum amount of coverage your state requires:
We saw that the average monthly cost of full coverage auto insurance ranges from $85 in maine to $412 in new york. the national average for this type of coverage, which typically includes liability, collision, and comprehensive auto insurance protection, is $178.
How much does full coverage auto insurance cost in your state? take a look at the table below.
Why is the average cost of auto insurance so different from state to state? because each state has different auto insurance laws, accident rates, and property crime statistics.
Also, what you pay for auto insurance may be higher or lower than the average rates in your state. This is because insurance companies consider various rate factors such as your age, gender, and what type of car you drive when calculating your premium.
average cost of car insurance by company
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usaa and erie offer the cheapest auto insurance policies in the usa. based on rate data we collect as part of our study. This is true whether you want full coverage or state minimum auto insurance. however, usaa is only available to eligible military members and their families, while erie is not available in all states.
We found that USAA offers an average annual premium of $576 for minimum coverage, or $48 per month. USAA’s average annual premium for full coverage is $1,260 or $105 per month.
For series, your average annual premium for state minimum coverage is $636 or $53 per month, while your average annual premium for full coverage is $1296 or $108 per month.
A couple of important things to note: Erie only sells auto insurance in a handful of states. and usaa only offers auto coverage to active and ex-military members, as well as eligible members of their families.
If you can’t or won’t get auto insurance from any of those companies, your next best options are state farm, farm bureau, and metlife.
When shopping for auto insurance, compare quotes from multiple companies like these to get the lowest rate.
average cost of car insurance by driving record
Having any type of traffic violation or accident increases the possibility of increasing your auto insurance rates. Traffic incidents indicate to insurance companies that you are a high-risk driver to insure, and your rates are likely to increase as a result.
Please note that not all citations are created equal. Committing a serious offense like driving under the influence is likely to lead to higher penalties and increase your rates much more than failing to obey a traffic signal or getting caught speeding.
But these premium increases don’t last forever; certain incidents remain on your log for a limited period of time. If you drive safely and stay away from risky driving for a few years, you can get back to a clean record. speeding tickets, for example, stay on your driving record for about three years, in most cases.
the most important thing when buying car insurance
Comparison is incredibly important when it comes to auto insurance. That’s because auto insurance companies can charge vastly different rates for the same coverage. We compare auto insurance rates for a 30-year-old man and woman among the top carriers in each state. we found that nationwide, the average difference between the cheapest and most expensive plan is more than $2,600.
The cost difference between similar plans is particularly large in certain states. louisiana, florida and new hampshire have cost differences of more than $5,000. while the cost difference in California, Maine, North Carolina, Vermont, Virginia, and West Virginia is less than $1,000.
additional factors that affect your auto insurance rate
vehicle. Expensive or luxury vehicles are often much more expensive to insure compared to cheaper models. Parts on these vehicles are expensive to replace and repair, so insurance companies typically charge you a higher premium to protect your car.
credit score. drivers with excellent credit scores will likely receive more affordable rates than those with poor credit. Some insurers use credit scores as a rate factor because they believe there is a correlation between credit scores and the number of claims filed. however, certain states have prohibited the use of credit scores to calculate insurance premiums.
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gender. Our study shows that young male drivers spend more, on average, on auto insurance compared to young women. This is attributed to the fact that young male drivers are more likely to be involved in accidents and receive traffic tickets than young female drivers. however, we found that as women age, they are quoted slightly higher rates than their male counterparts.
Mileage. The more you drive, the more likely you are to have an accident. driving less often may also make you eligible for low mileage discounts offered by your insurance company.
how to get the cheapest car insurance
check. You should always compare auto insurance rates from multiple companies. the difference between the least expensive company and the most expensive is thousands of dollars a year.
take advantage of the discounts. Most insurers have a list of discounts available to their customers. They include discounts for receiving good grades, having safety devices installed in your car, being a member of certain organizations, and more.
You may already qualify for some. however, many don’t apply automatically, so when you speak with an insurance agent, ask about discounts you can add to your policy.
See if there is a bundle option with your other insurance plans. Some major insurance companies allow you to bundle your auto insurance with home, renters, or condo plans, if available . this can potentially equate to hundreds of dollars in overall savings.
Consider a combined insurance policy. Choosing to combine an insurance policy is especially beneficial for young drivers. our study showed that teen drivers who signed up for their parents’ insurance policy saved an average of $99 per month on auto insurance.
The cost of your parents’ policy is likely to increase if they include a young or inexperienced driver in their plan. however, this option is much cheaper than having two separate auto insurance policies.
Constantly reassess your auto insurance policy. Your driving profile changes over time. Age, driving habits, and state of residence, among other factors, are taken into account when calculating your auto insurance rate. If any of these have changed, contact your insurance company to see if they would be willing to calculate an updated rate for you. it may be cheaper than what you currently pay.
we conducted a comprehensive study of auto insurance rates in all states and the district of columbia through quadrant information services. In total, we collected over 100,000 citations for this survey. quotes came from all available insurers in a given state in 20 random zip codes.
By reviewing minimum liability policies, our sample driver met the basic coverage requirements to drive legally in his state. rates shown for a full liability policy represent an example of a driver who purchased the following coverage limits:
- $100,000/$300,000 bodily injury liability per person/per accident
- $100,000 property damage liability
- $500 collision and full deductible
Unless explicitly stated, our sample driver was a single male in his 30s with a clean driving record. He owns a 2012 Honda Accord LX and drives an average of 13,500 miles a year.
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